CoinShares Bitcoin ETF reported a loss in the first quarter of 2026 as a sharp drop in bitcoin prices and active share flows pushed net asset value lower. The trust posted net income of $(120.69M) and diluted EPS of $(5.59), compared with net income of $(76.61M) and diluted EPS of $(2.73) in the year‑ago quarter.

Financial Highlights

• Net income was $(120.69M) for Q1 2026, versus $(76.61M) in Q1 2025.
• Diluted earnings per share was $(5.59) for Q1 2026, versus $(2.73) in Q1 2025.

Business Highlights

• NAV & bitcoin price impact: The trust’s net asset value fell materially after bitcoin declined 22.2% in the quarter, directly reducing NAV per share and affecting results.
• Share creation/redemption activity: Primary-market flows were active, with 2.51M Shares created and 0.6M redeemed in Q1 2026.
• Operational model & custody: The trust holds bitcoin with custodians Coinbase, BitGo and Komainu; its daily NAV is tied to the CF Benchmarks Index at 4:00 p.m. ET.
• Expense & liquidity framework: The sponsor assumes most expenses (0.25% fee); the trust holds minimal cash and sells bitcoin as needed to meet redemptions or pay expenses.

Original SEC Filing: CoinShares Bitcoin ETF [ BRRR ] – 10-Q – May. 12, 2026

This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.